Canadian Underwriter

Keyword
UBI

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UBI app offers quarterly price adjustments for drivers

September 14, 2023 by Jason Contant

Definity Financial Corporation has launched a usage-based insurance (UBI) product it describes as the first-ever to offer quarterly price adjustments based on recent driving scores. “We wanted to make sure drivers were able to benefit quickly from their safe driving

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News ClaimsEarnings / RatingsInsuranceMarkets / Coverages

How Intact’s personal auto segment fared in 2023 Q1

May 15, 2023 by Jason Contant

Intact Financial Corporation grew its Canadian personal auto premium volume 5% in 2023 Q1 from one year ago, and continues to see positive growth in the segment, CEO Charles Brindamour said during a 2023 Q1 earnings call last week. “Top-line

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News InsuranceMarkets / CoveragesTechnology

Why Canadian drivers are increasingly turning to UBI

April 11, 2023 by Jason Contant

Canadian drivers are increasingly turning to usage-based insurance (UBI), particularly since the beginning of 2023, new data from rate aggregator RatesDotCa found. Quotes for UBI from the rate comparison site were up 18.22% year-over-year, RatesDotCa said Mar. 31. The data

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News BrokersInsuranceMarkets / Coverages

Will Ontario’s budget proposals actually reduce auto rates?

May 4, 2022 by Alyssa DiSabatino

To reduce Ontario auto insurance rates substantially, fairer rating systems and offering usage-based insurance (UBI) may be most effective, says one industry observer. The Ontario government is proposing measures to reduce the cost of auto insurance. Among them, it is

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News BrokersInsuranceMarkets / CoveragesProducts

How telematics is a game-changer for claims

May 2, 2022 by Alyssa DiSabatino

Telematics, which allows insurance companies to measure client driving behaviour, has largely been used by carriers in the underwriting process, but it may prove to be equally as useful for claims, says one telematics provider. Claims telematics can be used

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News Insurance

By how much UBI use increased during the pandemic

April 20, 2022 by Jason Contant

Canadian drivers appear to be gravitating toward usage-based insurance (UBI) as the COVID-19 pandemic stretches past its second year. Since 2019, there has been a 40% increase in the number of drivers opting into UBI when filing out a car

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News InsuranceTechnology

How to improve your customer’s buying experience

March 17, 2022 by Alyssa DiSabatino

Digitization is not slowing down, and so brokers and carriers need to improve customer service and a user’s online customer experience (CX), suggests a recent white paper by Reuters. According to the authors of Next Wave Insurance: Daring to be Different, the

News Insurance

Car owners score poorly on auto insurance quiz

January 20, 2022 Canadian Underwriter Staff

Canadians who have auto insurance really need to re-read the fine print on their policies, a recent survey found. A poll of more than 1,300 auto policy holders, conducted by rate comparison site Ratehub.ca, focused on 10 common misconceptions around

News BrokersTechnology

Why UBI will survive the pandemic

January 19, 2022 Canadian Underwriter Staff

It’s been a hit and miss for Usage-Based Insurance (UBI) in Canada since it was first introduced about a decade ago, but brokers believe it will survive well past the pandemic-induced uptake of the past two years. “It’s going to

News Insurance

How UBI could empower your client

November 19, 2021 by Jason Contant

Usage-based insurance (UBI) empowers the customer and takes a lot of the complexity out of the insurance product, a speaker said Wednesday during KPMG’s 30th annual insurance conference.  “Personally, I love the idea of usage-based insurance and telematics,” Celyeste Power, chief strategy officer

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With 81% of polled Canadians yet to try UBI, brokers have opportunity to educate and sell

October 26, 2021 Canadian Underwriter Staff

While usage-based insurance (UBI) has been around for nearly nine years in Canada, a new survey shows only 57% of Canadians have heard of UBI and 81% of those surveyed have not tried it – presenting an opportunity for brokers

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News Insurance

How will brokers fit into new online distribution models?

August 30, 2021 by Jason Contant

Editor’s Note: This story has been updated to include feedback from the Insurance Corporation of British Columbia.   Brokers will need to determine where they fit in as more consumers move to online and point-of-sale transactions, said Sarah Thompson, chief